The national debt of the United States has reached a new record high of $34.75 trillion, with an increase of $69.41 billion in a single day, according to the U.S. Treasury’s Debt to the Penny database. The Congressional Budget Office (CBO) has projected that the country’s total outstanding public debt will reach $50.7 trillion by the end of 2034.

The CBO report indicates that the debt is expected to reach 109% of GDP in 2028, which is the highest it has ever been in the nation’s history. Furthermore, the report predicts that by the end of 2034, the debt will equal 122% of GDP, significantly higher than the projections made four months ago.

In addition to the debt projections, the CBO also anticipates a slowdown in the rate of inflation for the remainder of 2024 and into 2025, with the expectation that inflation will reach the Federal Reserve’s target of 2 percent by 2026. In response to this, the Federal Reserve is expected to begin reducing the federal funds rate in early 2025.

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